Dubai-based developer, Nakheel, has offered guarantees of real estate assets to its lenders, Reuters reports. The guarantees of assets, which will be will be equivalent to the value of the lender’s loan, has been offered to restructure its $10.9 billion in debt.

The terms of the restructuring, covering mainly bilateral loans and one $1.85 billion syndicated Islamic loan will expire in 2012. Earlier in April, the developer offered lenders repayment at a rate of 4% on part of its debt.

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